Investment Rating - The report maintains an "Overweight" rating for the aviation and oil transportation sectors, indicating a positive outlook for both industries [35]. Core Insights - The aviation sector is expected to see robust demand growth, driven by increased travel during the New Year holiday, with significant year-on-year increases in both passenger volume and ticket prices. The report suggests a strategic investment during the off-peak season, anticipating a long-term super cycle [3][4]. - In the oil transportation sector, while seasonal price declines are noted, the report emphasizes the potential for future price increases due to ongoing global oil production growth and limited capacity expansion. It recommends a contrarian investment approach during the off-peak period [3][4]. Summary by Sections Aviation Sector - The report highlights a strong increase in travel demand during the New Year holiday, with a 19% year-on-year increase in overall passenger movement from December 31, 2025, to January 2, 2026. Specifically, civil aviation saw a 13% increase [3][4]. - Domestic ticket prices are estimated to rise by over 10% year-on-year during the holiday period, despite a projected short-term dip in passenger flow post-holiday [3][4]. - The aviation industry is experiencing high load factors while ticket prices remain at historical lows, suggesting a favorable environment for profitability growth driven by demand recovery and market pricing dynamics [3][4]. Oil Transportation Sector - The report notes that the average daily earnings for Very Large Crude Carriers (VLCC) reached $51,000 in 2025, significantly higher than the $36,000 in 2023-2024, driven by improved capacity utilization and increased oil production from the Middle East and South America [3][4]. - Despite a recent decline in freight rates during the traditional off-peak season, the report maintains a positive outlook for future price increases, supported by ongoing global oil production growth and limited fleet expansion [3][4]. - The report suggests monitoring geopolitical developments, particularly in Venezuela, and recommends increasing positions in companies like COSCO Shipping Energy, China Merchants Energy Shipping, and China Shipbuilding Leasing [3][4].

Group 1 - Turkey has implemented a visa-free entry policy for Chinese citizens holding ordinary passports, effective from the morning of the 2nd, leading to the arrival of the first batch of Chinese tourists at Istanbul Airport [1] - Tourists express excitement about the new visa policy, highlighting the convenience it brings for travel and business, with increased expectations for future travel activities [1] - The visa exemption is expected to facilitate trade relations, as business travelers note the ease of travel for ongoing partnerships with Turkish counterparts [1] Group 2 - China Southern Airlines is responding to the anticipated increase in passenger flow by planning to increase the frequency of direct flights from Guangzhou, Beijing, and Urumqi to Istanbul starting in March, potentially reaching a total of 17 flights per week [2] - The airline's initiative aims to enhance the connectivity between China and Turkey, contributing to the development of the "Air Silk Road" [2]

从事绒毛贸易的商人刘英和同事抵达伊斯坦布尔后，在机场等待土耳其合作伙伴接机。"我与土耳其商 人合作已经十几年，每年都要来往三四次。"刘英表示，免签政策将极大便利其商业活动，有利于进一 步推动与当地的贸易往来。 当地时间2日上午7时至9时，从中国北京、上海、广州等地直飞土耳其的多个航班陆续降落在伊斯坦布 尔机场。随着土耳其对持普通护照中国公民免签入境政策当天生效，首批享受这一便利的中国旅客便捷 入境土耳其。 "很荣幸成为土耳其免签后的第一批中国游客。我们持护照直接入境，非常便捷。"从事赴土耳其旅游业 务十余年的韩秀美在免签首日带领一个二十余人的旅行团抵达伊斯坦布尔。她对免签政策充满期待，并 表示今后忙碌的日子一定会越来越多。 在欧洲留学的宋思佳当天凌晨飞抵伊斯坦布尔机场，等待与朋友会合后一同游览土耳其。"我们没有提 前规划行程，看到土耳其免签政策后就立即买票过来看看。"她说，由于是卡着点赶来，入境时略有忐 忑，但通关过程十分顺利，这让她由衷感慨中国护照的"含金量"正日益提升。 当天，中国南方航空公司伊斯坦布尔营业部在机场举办活动，迎接在首个免签日抵达的中国旅客，并为 幸运旅客赠送纪念品。营业部总经理徐嘉锋介绍， ...

值得一提的是，南航特色服务品牌"空中茶苑"也在此次航班中暖心呈现。乘务员手捧温热的香茗，缓缓 穿行于客舱之间。清雅的茶香袅袅弥漫，为旅客带来一抹静谧与暖意，展现出南航服务中的人文关怀与 精致细节。活动尾声，不少旅客纷纷举起手机与相机，与家人、同伴或乘务组合影留念。一次次快门的 轻响，将这份独一无二的云端跨年记忆永久珍藏。 此次南航上海分公司"木棉迎新"主题航班活动，通过一系列精心设计的互动环节，将万米高空打造成温 暖的新年相聚地，以实际行动诠释了南航"亲和精细"的服务理念。（编辑：许浩存 校对：张薇 审核： 韩磊） （南航上海分公司供图） 随着飞机进入平稳飞行阶段，"云端迎新派对"正式拉开帷幕。乘务员手持"木棉心愿笺"，热情邀请旅客 写下对新年的美好憧憬与真挚祝福。一张张卡片传递着希望，也串联起客舱里每一位旅客的情感共鸣。 紧随其后的是新年知识趣答环节。传统年俗的趣味冷知识、南航特色服务的小问答……旅客们的抢答声 与欢笑声在客舱内回荡。活动间隙，乘务员特意为小旅客们准备了手工材料。孩子们在家长和乘务员的 指导下，兴致勃勃地摆弄木棉花与小飞机折纸。彩纸翻飞间，童真与创意在指尖流转，为这场高空聚会 增添了一份活泼 ...

Core Viewpoint - The successful integration of the C919 aircraft into China Southern Airlines' operations in Changsha marks a significant milestone in the large-scale operation of domestically produced aircraft in China [1][3]. Group 1: Aircraft Operations - On December 31, 2025, the C919 aircraft, designated B-658N, was officially incorporated into China Southern Airlines' Hunan branch, making Changsha the fourth city in China to manage the C919 after Beijing, Shanghai, and Guangzhou [1]. - Since the C919's first arrival in Hunan in January 2025, China Southern Airlines has operated over 1,400 flights on seven routes from Changsha to various cities, including Guangzhou, Beijing, and Shanghai, carrying more than 170,000 passengers [3]. Group 2: Future Plans - China Southern Airlines plans to introduce a second C919 aircraft before the 2026 Spring Festival, aiming to expand the operational scale of domestically produced aircraft in Hunan and enhance the operational support system for the C919 [5].

人民财讯1月1日电，据湖南日报，12月31日，编号为B-658N的C919国产大飞机降落在长沙黄花国际机 场，正式入列中国南方航空（600029）湖南分公司。长沙成为继北京、上海、广州之后全国第4个执管 C919的城市，标志着国产大飞机规模化运营在航司分支机构层面实现新突破，南航C919首次实现广州- 长沙双基地运行。 ...

Core Insights - China Southern Airlines (CSA) successfully completed its 2025 aviation safety year in Xinjiang, carrying over 14 million passengers, a year-on-year increase of 5.22% [1] - The airline emphasized safety as a foundational element, enhancing safety management and technical capabilities, achieving a nearly 95% on-time departure rate from Urumqi [1] - CSA expanded its route network in Xinjiang to 134 routes, with international passenger volume increasing by over 44% [1] Group 1: Safety and Operational Efficiency - CSA maintained a high operational efficiency with over 2,000 fast transit flights and a significant improvement in operational processes [1] - The airline established a special weather support team to ensure safe operations in the new environment of Urumqi Airport [1] Group 2: Service and Customer Experience - CSA introduced innovative services like "one-click boarding" to enhance hub operation efficiency and passenger experience [1] - The airline optimized transfer processes, reducing the minimum connection time for international to domestic flights to 90 minutes, serving over 1.43 million transfer passengers [2] Group 3: Diversification and Industry Development - CSA initiated the first aircraft maintenance and customs bonded repair in Xinjiang, along with aircraft dismantling and international aviation training projects [2] - The airline conducted nearly 3,000 training sessions through social services, enhancing industry incubation and community service functions [2] Group 4: Hub Development Strategy - CSA is developing a hub layout centered on Urumqi, with Kashgar and Yining as secondary hubs, aiming to strengthen connectivity with Guangzhou and Beijing [2] - The airline aims to contribute significantly to Xinjiang's high-level opening up and quality development [2]

北京商报讯（记者 关子辰 牛清妍）2025年12月31日晚21时04分，由上海虹桥飞往广州的中国南方航空CZ3572航班平稳降落在广州白云国际机场，标志着南 航集团顺利实现2025航空安全年。南航集团预计全年累计完成运输飞行330.9万小时、通航飞行2.1万小时，安全运输旅客1.74亿人次，货邮运输量193.6万 吨。 ...

Core Viewpoint - The three major Chinese airlines, China Eastern Airlines, China Southern Airlines, and Air China, announced a new fuel surcharge standard for domestic flights effective from January 5, 2026, with specific rates for different flight distances and exemptions for certain passenger categories [1][4][6]. Group 1: Fuel Surcharge Standards - For domestic flights under 800 kilometers, the fuel surcharge will be set at RMB 10 per passenger, while for flights over 800 kilometers, the surcharge will be RMB 20 per passenger [1][4][6]. - Infants traveling on adult tickets will be exempt from the fuel surcharge, while children, disabled veterans, and police officers injured in the line of duty will have reduced rates, with no charge for flights under 800 kilometers and RMB 10 for flights over 800 kilometers [1][4][6]. Group 2: Ticket Change Policy - Tickets sold before January 5, 2026, will not have the fuel surcharge refunded or adjusted if changes are made after this date [2][4].

Summary of Key Points from Conference Call Industry Overview - The focus is on the aviation sector, particularly in the context of the appreciation of the Renminbi (RMB) and its impact on various industries including airports and light industry paper manufacturing [1][3]. Core Insights and Arguments - The appreciation of the RMB is expected to enhance the financial performance of sectors like aviation and light industry paper due to improved cost and debt structures [1][3]. - Historical data indicates that different sectors lead the market during phases of rapid RMB appreciation, with core assets leading in 2017, new energy and military industries in 2020-2021, and economic recovery valuation logic in late 2022 to early 2023 [1][6]. - The current phase of RMB appreciation differs from previous ones, with reduced foreign capital influence and increased domestic pricing power, shifting market focus towards technological transformation rather than mere economic recovery [1][7]. - The aviation sector is highlighted as a key beneficiary, with significant cost components (over 60%) being dollar-denominated, meaning even slight RMB appreciation can lead to substantial profit increases [3][9]. Investment Opportunities - Short-term investment opportunities are identified in the aviation and light industry paper sectors, particularly as companies prepare to release annual reports [1][8]. - The second tier of investment opportunities includes foreign-invested blue-chip stocks such as electric equipment, electronics, and food and beverage sectors, which have shown resilience during past RMB appreciation phases [5]. - The third tier includes large financial and real estate sectors, which have a high proportion of RMB-denominated assets, benefiting from balance sheet improvements during RMB appreciation [5]. Additional Important Insights - The global aircraft manufacturing industry is facing supply chain bottlenecks due to de-globalization, affecting the availability of materials and components [11]. - The performance of Chinese airlines has significantly outpaced the Shanghai and Shenzhen 300 index, driven by increased international route demand and favorable pricing dynamics [12]. - Airlines like China Southern, China Eastern, Air China, and budget carriers such as Spring Airlines are identified as high-elasticity investment opportunities due to their potential recovery from historical lows [3][12]. - The upcoming delivery of new aircraft orders (e.g., Spring Airlines and Juneyao Airlines) is expected to support fleet updates and future growth [10].